Greece Debt Crisis

Daily Market Commentary for April 27, 2010

Greece Debt Crisis

Greece's credit rating was cut to "junk" status today, causing concern that the Greece debt crisis will slow down a global recovery. (Read more at Millennium-Traders.Com)

Economic data released today:

Redbook:
U.S. Retail Sales rose 2.2% Week Ended April 24 versus Year Ago; U.S. Retail Sales First 3 Weeks April rose 2.7% versus April Year-Ago; U.S. Retail Sales First 3 Weeks April fell 2.0% versus March.

S&P/CS Home Price Indices Composite - 20 (YoY):
S&P Case-Shiller February 20-City Home Price Index fell 0.9% Month on Month; S&P Case-Shiller February 10-City Home Price Index fell 0.6% Month on Month; S&P Case-Shiller February 20-City Home Price Index rose 0.6% Year on Year; S&P Case-Shiller February 10-City Home Price Index rose 1.4% Year on Year.

U.S. Conference Board Consumer Confidence:
April Expectations Index 77.4 versus March 70.4; April Present Situation Index 28.6 versus March 25.2; April Consumer Confidence 57.9 versus March 52.3.

Richmond Fed Manufacturing Index:
April Retail Revenues Index 15 versus March 8; April Services Revenues Index 9 versus March 0; April Mfg Shipments Index 30 versus March 5; April Manufacturing Index 30 versus March 6.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) shed 213.42 points, EOD 10,991.61
NYSE (New York Stock Exchange) shed 214.56, EOD 7,463.09
National Association of Securities Dealers Automated Quotations (NASDAQ) shed 50.45 points, EOD 2,472.50
S&P 500 (SPX) shed 28.53 points, EOD 1,183.52
BEL 20 (BEL20) shed 88.6 points, EOD 2,567.68
CAC 40 (CAC40) shed 152.79 points, EOD 3,844.60
FTSE100 (UKX100) shed 150.33 points, EOD 5,603.52
NIKKEI 225 (NIK/O) gain 46.87, EOD 11,212.66

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 505, declined stock prices 2,632, unchanged stock prices 76, stock prices hitting new highs 196 and stock prices hitting new lows 15. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: NTY shed 9.68, HOD 40.46, LOD 36.36, EOD 37.22; MMM gain 0.59, HOD 90.25, LOD 87.77, EOD 88.03; WHR shed 4.69, HOD 113.33, LOD 107.51, EOD 107.73; GS gain 0.74, HOD 156.19, LOD 150.15, EOD 152.78; JEC shed 1.14, HOD 50.68, LOD 46.52, EOD 47.53; SWI shed 3.79, HOD 22.13, LOD 19.85, EOD 20.14; BLK shed 7.45, HOD 193.19, LOD 185.01, EOD 185.50; FAS shed 10.34, HOD 108.70, LOD 97.53, EOD 98.15; AIG shed 7.14, HOD 42.70, LOD 37.03, EOD 37.37; F shed 0.89, HOD 14.50, LOD 13.15, EOD 13.57; WMS shed 0.63, HOD 48.86, LOD 47.13, EOD 47.91; ELX shed 1.30, HOD 13.04, LOD 11.92, EOD 12.36.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 545, declined stock prices 2,230, unchanged stock prices 103, stock prices hitting new highs 173 and stock prices hitting new lows 18. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: BIDU shed 20.74, HOD 632.00, LOD 615.50, EOD 620.11; ZRAN shed 1.05, HOD 10.38, LOD 9.93, EOD 9.98; AMED shed 3.98, HOD 60.49, LOD 55.62, EOD 56.52; FSLR shed 3.59, HOD 133.79, LOD 127.78, EOD 128.36; ISRG shed 4.37, HOD 367.25, LOD 356.20, EOD 357.80; AAPL shed 7.46, HOD 267.84, LOD 260.52, EOD 262.04; RCII gain 2.34, HOD 28.72, LOD 26.12, EOD 28.05.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 172, declined stock prices 338, unchanged stock prices 36, stock prices hitting new highs 21 and stock prices hitting new lows 4.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1180.00; Change -28.25
E-mini NASDAQ-100 (NQ) Mar 10: EOD 2,004.25; Change -43.00
E-mini DOW $5 (YM) Mar 10: EOD 10,941; Change -210
E-mini S&P MidCap 400 (MF) Mar 10: EOD 824.60; Change -19.90
Nikkei 225 (Yen) Mar 10: EOD 10,865; Change -310

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7466 to U.S. Dollars 1.3400
Japanese Yen 93.9650 to U.S. Dollars 0.0106
British Pound 0.6472 to U.S. Dollars 1.5500
Canadian Dollar 1.0008 to U.S. Dollars 0.9992
Swiss Franc 1.0725 to U.S. Dollars 0.9324

COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (June 10) shed $1.76, EOD $82.44 per barrel ($US per barrel)
Heating Oil (May 10) shed $0.00, EOD $2.23 a gallon ($US per gallon)
Natural Gas (May 10) shed $0.04, EOD $4.22 per million BTU ($US per mmbtu.)
Unleaded Gas (May 10) shed $0.01, EOD $2.33 gallon ($US per gallon)

Metals Markets - Comex:
Gold (April 10) gain $8.20, EOD $1,161.70 ($US per Troy ounce)
Silver (April 10) shed $0.21, EOD $18.12 ($US per Troy ounce)
Platinum (April 10) shed $24.10, EOD $1,718.70 ($US per Troy ounce)
Copper (April 10) shed $0.16, EOD $3.36 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (May 10) gain $1.30, EOD $88.12
Pork Bellies (May 10) gain $1.40, EOD $96.50
Live Cattle (April 10) shed $1.47 EOD $98.05
Feeder Cattle (April 10) gain $0.20, EOD $113.20

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (May 10) shed $4.75, EOD $347.50
Soybeans (May 10) shed $16.00, EOD $982.75

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The Greece Debt Crisis is certainly a reason for the EURO to worry about it's existence!
In Greece, following a “messy” default, euro notes and coins would still circulate in the economy, but one euro in a Greek bank account would no longer be automatically equivalent to a euro in a bank account elsewhere in the euro area, as Greek banks might immediately become insolvent and thus be shut out of the payment systems. Until Greek solvency was re-established, the euro zone would thus de facto have lost one of its members, even though the Greek Central Bank head would still sit on the Governing Council of the ECB and the Greek finance minister would still be a member of the Euro Group, with their normal voting powers intact.